There is no single integrated approach to blockchain and cryptocurrencies in the country, and there is no specific body to regulate legal relationships using blockchain and cryptocurrencies. The Central Bank of the country regulates and supervises the financial system and currently refuses to recognize and regulate cryptocurrencies. There are no palpable contradictions in the approaches of different regulators to the crypto-industry.
Definiteness of Legal Regulation
There is no regulation of cryptocurrencies and distributed ledger technology in Armenia, but activities related to cryptocurrencies and blockchain are not prohibited. The status of cryptocurrencies is uncertain, whereas virtual currencies, including Bitcoin, are not considered to be electronic money, and the Central Bank warns citizens against its use.
Stability of Legal Regulation
Currently, there are no legislative attempts to regulate cryptocurrencies and blockchain. At the same time, professional participants and regulatory authorities analyze international experience, first of all, in the neighboring and partner countries, assess their approaches to the operation of the Armenian market, and hold consultations with the business community. In addition, blockchain enthusiasts are engaged in outreach activities, seeking a balance between the freedom of action of market participants and the protection of citizens and investors.
Adequacy of Legal Regulation
Blockchain and cryptocurrencies in Armenia are not regulated by any applicable law, there are no special state bodies that can advise on the creation, implementation and operation of blockchain projects, and there is no judicial practice concerning blockchain project regulation. The state strives to encourage innovative technologies by providing tax incentives, but does not take into account the peculiarities of crypto-startups.